CooperVision parent reports surge in Q1 net income

The Cooper Cos. reported a 37 percent increase in first-quarter profit, driven in part by increased sales of its contact lenses.

The California-based firm includes CooperVision Inc., which has a local operation.

The company, which reported after markets closed Thursday, posted net income of $74.7 million, or $1.50 a share, versus a profit of $54.6 million, or $1.12 a share, a year ago. Excluding an insurance payment of some $14 million, net income in the most recent quarter totaled $1.23 a share.

CooperVision ranked fifth on the most recent Rochester Business Journal list of optics and imaging firms with 1,181 local workers.

The company also raised its fiscal 2013 forecast; it now expects net income of $5.95 to $6.95 a share on sales of $1.58 billion to $1.63 billion. That is up from previous estimates of net income of $5.90 to $6.10 a share on sales of $1.57 billion to $1.63 billion.

In addition, Cooper raised the low end of its sales forecast for CooperVision, saying the business will log sales of at least $1.26 billion, up $10 million from a previous estimate.

Shares of Cooper (NYSE:COO) were trading midday at $109.30, up 4 percent from Thursday’s close of $104.70.